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COSCO Pacific Limited is chosen to join the Hang Seng Index as a constituent stock

Date:2003-05-14     Publish:本站

The recent selection of COSCO Pacific Limited ("COSCO Pacific" or the "Company") as a constituent stock of the Hang Seng Index confirms the Company's excellent performance over the past eight years.

COSCO Pacific is honoured to be the first Chinese shipping enterprise chosen to join the Hang Seng Index as a constituent stock. In the years to come, the Company will strive to further enhancing shareholder value and to maintaining good corporate governance practices and a high level of transparency.

Listed on the Stock Exchange of Hong Kong on 19 December 1994, COSCO Pacific Limited has always had strong support from parent China Ocean Shipping (Group) Company ("COSCO Group" or the "Group"). COSCO Group, a leading stated-owned enterprise in China, is one of the largest shipping companies in the world. With more than 40 years of experience in international shipping, COSCO Group has established a strong global network and reputation.

The diversification of COSCO Group over the past decade has incubated several successful companies. Among these companies, is COSCO Pacific, the listed flagship of COSCO Group, initially took over the Group's container-leasing and container-terminal businesses. More recently, COSCO Pacific became involved in the logistics industry, so that the Company is now positioned as the professional leader in container leasing, container-terminal operations and logistics service in Hong Kong and on the mainland.

During its early days, COSCO Pacific concentrated on container leasing on a relatively small scale. The issue price per share was HK$2.88 with 1.02 billion issued shares. The market capitalization was about HK$2.93 billion.

However, COSCO Pacific has performed remarkably since its public listing in 1994. Based on the good reputation it has earned from the capital markets, the Company has long attracted both institutional and individual investors. Profit attributable to shareholders has risen to US$154 million in 2002 from US$40 million in 1994, a compound annual growth rate of 18.3%. The Company has continued to grow and create value for shareholders despite the volatile economic situation in Hong Kong and globally. By enhancing operating efficiency and corporate governance, the Company has been won numerous awards and endorsements since 1994. These include:

  • Selected as one of the constituent stocks of Hang Seng Mainland Composite Index in 1994;
  • Chosen as one of the stocks in Hang Seng 100 Index in 1997;
  • Named one of "The Best Managed Companies in China" by AsiaMoney in 1997;
  • Selected as one of the constituent stocks in "Standard & Poor Asia Pacific 100 Index"in 1999;
  • Named one of "The Best Managed Chinese Companies" by Hong Kong Economic Times in 1999;
  • Named one of the "Best Managed Chinese Companies" by The Asset in 1999;
  • Nominated as one of the HSBC Asian 100 Leading Corporations in 2000;
  • Named one of the Best Managed Companies in AsiaMoney's "2000 Best Managed Companies in Asia" poll;
  • Chosen as one of the constituent stocks in "China Free Index" of Morgan Stanley Capital International (MSCI) in 2000;
  • Ranked number four in the Best Chinese Companies in Corporate Governance by CLSA in "Corporate Governance Report" in 2002;
  • Selected as one of the Hong Kong and Pacific Region Constituent Stocks of FTSE Index in October 2002;
  • Named one of the Best Companies in Corporate Governance by CLSA in 2003;
  • In March 2003, Finance Asia granted the company the following awards: "Most Committed to Creating Shareholder Value", "Best Corporate Governance" and"Best Financial Management".

COSCO Pacific has committed to maintaining a business-development strategy that it believes will promote growth. The Company aims to be the leader in container leasing globally, in container-terminal operations regionally and in logistics services in Hong Kong and on the mainland.

The Company is expanding its market share in the container-leasing business. COSCO Pacific has expanded its container fleet from 260,000 TEUs eight years ago to 750,000 TEUs, ranking it the fifth largest in the world. COSCO Pacific is one of the leading container-terminal operators in the region, holding various interests in 10 container terminals strategically located along the coast of China. Total throughput amounted to 13.4 million TEUs in 2003, bringing in substantial revenue. In addition, with the establishment of COSCO Logistics on 8 January 2002, COSCO Pacific has built a platform on which to become the leading logistics service provider on the mainland and in Hong Kong. The Company also continues to place a high priority on investor relations by maintaining effective communication with institutional investors as well as providing sufficient and open channels for contact with senior management. In 2002, the Company met about 1,200 investors. COSCO Pacific believes that good investor relations plays an essential role in creating shareholder value by better reflecting the intrinsic value of the Company. Market capitalization reached HK$15 billion by April 2003, representing about 5.6 times that recorded in 1994.

In addition, COSCO Pacific is committed to maintaining a high standard of corporate governance, as this is a major benchmark for a listed company. The management of COSCO Pacific advocates good practices in this regard by setting up internal-audit, risk-management and governance-enhancement systems to ensure the quality and standard of corporate governance.

Communication with shareholders, investors and the media is the top priority of the Company to enhance transparency. Management considers providing an accurate picture of the Company's performance and prospects to investors and the media one of its major responsibilities. COSCO Pacific will continue to enhance communication with its stakeholders.

The selection of COSCO Pacific as a Hang Seng Index constituent stock represents recognition of the Company's outstanding performance over the past eight years, commitment to maintaining a high level of transparency and excellence in corporate governance. Looking ahead, COSCO Pacific will dedicate its resources to its three major businesses: container leasing, container-terminal operations and logistics services. The Company will strive for better results in the capital market and continue to create value for its shareholders.